Ramsey Expert Warns Parents on Kids' Investing
A Ramsey Solutions expert shares a warning about saving for children before parents clear their own debt.
George Kamel works with Ramsey Solutions. He received a gift of $1,000 for his son. This money came from Donald Trump. It was part of a special program for new parents.
Kamel took the gift. But he quickly warned other parents. He said many make a big mistake. They invest money for their kids before they pay off their own debts. This choice can cost families a lot in the long run.
Kamel explained the math. Parents with debt pay interest. This interest adds up. It makes debt more expensive. Investing for a child while still in debt is like taking one step forward and two steps back. He says parents should become debt-free first. Then they can focus on their kids' savings.
This advice helps families build true wealth. It puts parents on a stronger financial path. It ensures their future is secure before saving for their children's distant future.
Source: Fox Business
